Comp Essentials: Making Offers for Key Roles in a Changing Economy

We’ve all heard of layoffs and hiring freezes taking place, but how should you approach making offers to candidates if your company is still hiring despite changes in the economy? Keep reading to learn our tips for getting creative with your recruitment process, building better offer letters, and clearly communicating benefits and perks to help you snag today’s top talent. 

Get Creative With Your Recruitment Process

Making better offers starts with improving your recruitment process. After all, if the candidate experience is lackluster, there’s a high likelihood that candidates won’t seriously consider joining your company at the offer stage. The solution: get creative. 

While job board websites and LinkedIn are tried and true recruiting methods, times have changed. Now that there are plenty of platforms to choose from, why limit yourself to the same platforms everyone else is already using? 

For instance, Rosa Bazyluk, Head of Talent Acquisition at Chief, shared that getting creative with platforms like Reddit and TikTok have been extremely successful among recruiters in today’s changing HR environment. The moral of the story is that meeting candidates where they are can go a long way – and these days, candidates are increasingly spending time on platforms like Reddit and TikTok! 

For more innovative recruiting tips amid the current changing economy, be sure to check out our on-demand fireside chat, “Reactive to Proactive How to Revamp Your Talent Strategy in Times of Uncertainty between Chief’s Head of Talent Acquisition and Welcome’s Head of Talent and Culture, Brigid Wixted. 

Build Better Digital Offer Letters 

Receiving a job offer is a big deal for candidates, and it should be a time to celebrate. That being said, why make the process boring with standard, static offer letters? 

Building a branded, aesthetically pleasing digital offer letter doesn’t have to be time consuming either. With tools like Digital Offers from Welcome, you can showcase your hiring brand, make equitable and competitive offers, better communicate total compensation, and improve acceptance rates throughout the process. 

Get a sneak peek of what this looks like below!

Clearly Communicate Benefits and Perks

There’s no doubt that salary will always be a crucial consideration for candidates as they evaluate a job offer – but it’s not the end all be all. In a 2021 Glassdoor survey, around 60% of respondents reported that they strongly consider perks and benefits offered before accepting a job offer. Additionally, 80% of employees prefer additional benefits over a pay increase.

Traditional benefits like healthcare, 401K plans, PTO, etc. are just the tip of the iceberg in today’s evolving market. The job offer process is the time to remind candidates of what makes your company stand out from the rest. In other words, why should they choose your company over others, especially when they likely have several other competitive offers to choose from? 

Ask yourself if your company offers any of the following: 

  • Flexible hours
  • Remote work stipends 
  • Wellness stipends
  • Student loan repayment programs 
  • Education stipends

If you do, the offer stage is the time to clearly outline what this looks like for candidates. How do these benefits actually work? Can you give examples of how current employees took advantage of these benefits or what they used them for? Do you have statistics on hand to back up how these benefits add up toward the total compensation package being offered?

Keep in mind that this is just a starting point. For more ideas on creative benefits and perks to consider, check out our article about common overlooked benefits that can make a major difference to candidates and employees. 

Use Compensation Management Software to Your Advantage

There are tons of moving pieces when it comes to the recruiting and hiring process, so there’s no need to make it any harder on yourself and your team with manual processes and inefficient workflows. 

Fortunately, the year is 2022. There are plenty of compensation management software solutions to choose from that can make your life easier and provide massive value in both the short-term and long-term. 

To learn more about how to navigate the current HR tools available today, emerging trends to keep an eye on, and what to look for when evaluating a new tool for your team, check out our free HR Tech guide

Streamline Your Compensation Management With Welcome

Compensation management software like Welcome gives your team access to real-time market data to better benchmark salaries against your company’s internal data and current market rates. 

This results in candidates receiving competitive and equitable job offers, leading to higher acceptance rates and an average savings of $17k per candidate. Plus, creating aesthetically pleasing offer letters is just one of many added bonuses when using the tool. 

Making competitive offers in our changing economy doesn’t have to be time-consuming and tiresome. Book a demo to learn more about how Welcome can help. 

We look forward to helping you and your team take your job offers to the next level!

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